Certainly, in terms of his influence on contemporary neoclassical policy-makers in Europe and America, Hayek’s influence is in fact grossly overrated. Today’s debates are between New Keynesians and advocates of the New Consensus macroeconomics, with the more strident New Classicals and monetarists having the most poisonous and pernicious influence. All of these economists are neoclassicals, however, and the free market New Classicals and monetarists are not Austrians.

It is true that Friedman rejected Hayek's cycle theory, he accepted Hayek's "Use of Knowledge" microeconomics. The Use of Knowledge Article has been on the PhD reading list for PhD micro for decades. Lucas more than likely got the idea for the "Island's Model" from Hayek. So Hayek had influence, hard to measure how much though